Battery Pack for xEV 2024

Report's objectives:

• Provide market metrics and forecasts for battery packs for BEV and PHEV.
• Demonstrate the strong, consistently growing potential for battery pack players, such as suppliers of cells, battery modules, battery packs, safety components, battery management systems, thermal management solutions, and housing materials for PHEV and BEV battery packs.
• Illustrate the battery pack supply chain landscape, including the key players for battery cells, battery modules, and packs, as well as battery pack components (battery management system, thermal management system, safety components, housing, and electrical interconnection) and associated business models.
• Li-ion cell production capacity in China, Europe, and the USA.
• Explain the impact of the overproduction of batteries in China on Europe, US as well as in China
• Discuss the trends towards affordable batteries.
• Explain the impact of reducing Lithium price on the battery market
• Discuss market opportunities for players that supply materials, devices, or technology solutions to the Li-ion battery pack industry.
• Provide insight into different technologies currently used in battery packs, their components, and related technology trends.
• Discuss the trends towards affordable batteries.
• Explain the impact of reducing Lithium price on the battery market
• Discuss about the immersion cooling (direct cooling)
• Provide insight into different approaches to recycling end-of-life batteries and the impact of various cell chemistries, cell formats, and different ways to integrate cells into the vehicles on recycling.
• Discuss the 800 V battery system technology
• Discuss reconfigurable battery pack
• Explain alternative technologies to Li-ion batteries

Key features:

• 2019-2029 market forecasts for battery packs for BEV and PHEV.
• Illustrate the battery pack supply chain landscape
• Discuss market opportunities for players that supply materials, devices, or technology solutions to the Li-ion battery pack industry.
• Provide insight into different technologies currently used in battery packs, their components, and related technology trends.
• Provide insight into different approaches to recycling end-of-life batteries.
• Discuss the B00V battery system

What's new? 

• Discuss how China dominates the xEV battery pack market.
• Explain the impact of the overproduction of batteries in China on the USA, Europe, as well as in China.
• Discuss the trends towards affordable batteries.
• Explain the impact of reducing lithium price on the battery market
• Provide insight into different approaches to recycling end-of-life batteries and the impact of various cell chemistries, cell formats, and different ways to integrate cells into the vehicles on recycling.
• Explain alternative technologies to Li-ion batteries
• Discuss reconfigurable battery pack

The annual demand for Li-ion battery packs for xEV will grow around 1.6 TWh, more than 3-fold from 2023 to 2029

The annual demand in GWh for lithium-ion battery packs for plug-in hybrid EVs (PHEV) and battery electric vehicles (BEV) will grow from about 625 GWh in 2023 to about 1.6TWh by 2029 – almost a 3-fold increase! Demand will be driven mainly by BEVs. The annual market for Li-ion battery packs for BEV and PHEV will grow from around $97B in 2023 to about $188 B in 2029, with an 11.6% CAGR2023-2029. A significant portion of the global battery pack component market for the segments studied in this report (i.e., cells, battery modules & packs, battery management systems, thermal management systems, electrical interconnections, safety components, and housing) is the battery cell, representing around 55 % (for PHEV) - 70% (for BEV) of the total battery pack market. Although the cell price ($/kWh) is decreasing, the overall cell capacity per pack is increasing, thus keeping the cell’s share of the cost within a battery pack high.

The overproduction of batteries in China poses a concern not only for other countries, but also for China itself

Currently, Asian companies dominate the production of Li-ion batteries. China is leading with 60% global market share, followed by South Korea (25%) and Japan (7%). Chinese CATL was the leader in xEV battery cell manufacturing in 2023; BYD is the new silver medalist, followed by LG Energy Solution and Panasonic. Battery manufacturing capacity is increasing rapidly, with global battery manufacturing capacity predicted to be four times the global demand in 2030, though some projects initially announced to attract funding may face delays or cancellations. However, the announcements regarding battery production are mainly from China's established companies, such as CATL and BYD; therefore, despite the expected delays and cancellations, the market is still heading toward a significant oversupply of batteries. This situation may harm startups and small-scale battery manufacturers and drive down prices. The competition in the battery market in China has become intense and disorderly, leading to an increase in unprofitable companies, similar to what the photovoltaic sector faced a decade ago. Europe and the United States are building many giga-factories to reduce reliance on China for EV batteries. The U.S. has proposed incentives under the Inflation Reduction Act and passed the "Foreign Entities of Concern" regulation to reduce subsidies for Chinese-made battery components. Today, most car makers use prismatic cells in their vehicles, though a trend to the cylindrical format is also growing. First, Tesla unveiled its ‘4680’ high-capacity cylindrical lithium-ion cell. Today, many companies are developing their versions of 46XX cylindrical batteries to meet the demand. As the BMS is crucial for battery pack safety and performance and must be adapted to the Li-ion chemistry and application, many car OEMs are increasingly involved in BMS design. At the same time, many battery cell manufacturers are also engaged in BMS development.

Towards higher energy capacity, lighter weight, cost optimization, and greater safety 

It's instructive to note the various factors affecting the optimization of a Li-ion battery pack, including manufacturing and materials, safety provisions, and structural design. The performance of a Li-ion battery pack depends on the cell chemistry, vehicle integration, and battery pack components, such as the battery management system, thermal management system, interconnections, and safety components. The modular approach is the most common way of integrating cells into the vehicle, but there are other approaches, such as the cell-to-pack and cell-to-chassis approaches. The most popular battery cell cathode chemistry for high-range EVs is NMC, but low-cost cobalt-free LFP and advanced LFP (e.g., LMFP) batteries are gaining popularity due to concerns over long-term supply and availability of nickel or cobalt. To improve the lifetime and performance, all Li-ion batteries have a battery management system. The modular master-slave topology is the most used BMS for xEVs. A wired BMS is the industry standard, but wireless BMS shows promising advancements in making EVs lighter and more reliable, providing a greater driving range per charge. Various types of electrical interconnections are used in different levels of xEV battery packs; at the cell level, wires are mainly used, while at the battery pack level, modules are typically interconnected using busbars or high-power electric cables. Many players are interested in using a busbar to reduce the pack's height and increase thermal conductivity. For optimal performance, Li-ion batteries must be maintained within a safe temperature range, and liquid cooling is mainly used in xEV battery packs. The battery recycling market is mainly driven by battery cell manufacturing scrap, but in the coming years, tons of xEV battery packs will reach the end of life for recycling. The second-life battery will represent an additional added value for end-of-life xEV batteries.

• Table of content
• Glossary
• Report objectives
• Identity card
• About the author
• Companies cited
• What’s on track, what's not
• Methodology and Definitions
• Three-page summary
• Executive summary
• Context
• Market trends at different levels
  • Electrification driving forces
  • Li-ion battery: market trends
  • Main drivers for electric mobility and related battery packs
  • Battery pack size per electric vehicle and plug-in electric vehicle
  • Battery pack voltage and energy capacity, by application
• Market forecasts
  • Market forecasts – highlights
  • 2019 – 2029 Li-ion cell market value for xEV
  • 2019 – 2029 evolution of Li-ion cell ASP
  • 2019 – 2029 BEV battery cell price and cost of cell-to-pack integration
  • 2019 – 2029 Li-ion battery pack demand for XEV (in GWh)
  • 2019 – 2029 Li-ion battery pack market value for XEV (in $B)-Split by xEV types
    • 2019 – 2029 Li-ion battery pack market value for XEV (in $B)-Split by battery pack components
  • Battery pack for BEV Cost breakdown
  • Trends towards affordable xEV
  • Market share of various Li-ion battery cell chemistries for EV
  • Market share of various Li-ion battery cell formats for EV
• Supply chain
  • xEV supply chain - towards more vertical integration
• Li-ion battery pack supply chain - raw materials suppliers
  • Li-ion battery raw materials suppliers
  • Top Li-ion battery raw materials producer countries – 2023
  • Graphite Control Act China
  • lithium carbonate price is falling
• Li-ion battery pack supply chain - Li-ion battery cell, battery module and battery pack manufacturers
  • Li-ion battery cell manufacturers – geographic location
  • Battery cell chemistries and formats used by various battery and car makers
  • Battery pack manufacturers - geographic location
  • Battery pack supply chain reshaping
  • Battery players are expanding to other business areas
  • 2023 market shares of top lithium-ion battery manufacturers
• Li-ion cell production capacity in various regions
  • EV market is slowing down
  • Global cell production capacity (gigafactories) expansion
  • Cell production capacity (gigafactories) announced in Asia
  • How China dominates the xEV battery pack supply chain
  • Overproduction of batteries in China
  • Europe and USA battery factories – Key message
    Cell production capacity (gigafactories) announced in the USA
  • The Inflation Reduction Act (IRA)
  • Cell production capacity (gigafactories) announced in Europe
  • Li-ion cell supply chain in Korea
• LI-ion battery supply chain – joint ventures, partnerships and mergers & acquisitions
  • Joint venture between battery cell manufacturers and car OEMs
  • Cell supply chain– partnerships and M&A
• Li-ion battery pack supply chain – other battery pack components suppliers
  • Battery management system suppliers – geographic overview
  • Main Battery pack thermal management solution suppliers – Geographic overview
  • Main thermal management solution (liquid cooling plates) suppliers – Geographic overview
  • Main Battery pack Electrical interconnection solution suppliers - Geographic overview
  • Battery pack cell contacting system (CCS) suppliers - Geographic overview
  • Main Battery pack Safety components suppliers - geographic overview
  • Main Battery pack Housing suppliers - geographic overview
• Battery recycling – supply chain
• Technology trends
  • Li-ion battery cell technology
  • Li-ion battery pack technology
  • Battery management system (BMS) technology
  • Thermal management system technology
  • Electrical interconnection technology
  • Safety components (fuses, circuit breakers, and contactors) technology
  • Battery pack housing technology
• Reconfigurable Battery Pack (RBP)
• 800 V battery pack
• Li-ion battery recycling
• Alternative technologies to Li-ion batteries
• Conclusion
• Related Products
• Yole Group Corporate Presentation

3M, ABB, Automotive Cells Company (ACC), Aptiv, Akasol, Accumotive, AESC, Amphenol, Amara Raja, AllCell Technologies, Analog Devices, AMTE Power, Ametherm, Albemarle, Alliance Nickel, Autoliv, AVL, Audi, BTR, Batrium, Bonnen, BMW, BMZ, BYD, Boyd, Bosch, CALB, CATL, Canada Nickel, CelLink, Caliente, Constellium, Continental, C4V, Dow, Denso, Dexerials,  ETI, Exoes, Envicool, Electrovaya, EC Power, Eaton, Ennovi, Eastern Transformers & Equipment Ltd, Elithion, Eagtop, Exide, Hanjoo, Freyr, Ford, Forsee Power, FSM, Freeport-McMoRan Inc, FAAM, Farasis, Furukawa Electric, Gentherm, Glencore, Ganfeng Lithium, GS Yuasa, Godi, Gotion, Henkel, Huawei, Hyundai, Hesse, Huayou Cobalt, Hitachi, Hydro, Honeywell, Hotstart, Itavolt, Inobat, JFE, JCTC Terminal & Connectors,  Jonver, Korepower, Kulicke & Soffa, LG Innotek, Lishen, Leapmotor, Laserax, Littelfuse, Legrand, Leclanché, Littlefuse-Carling Technologies, LG Energy Solution, Laird, Livent, Lithium Americas, Marrow, Molicel, Mercedes, Manz, Marelli, Mersen, Mahindra, Mahle, Manz, Magna, Morgan, Microvast, Nornickel, Northvolt, Narada, Nuvation Energy, Nio, NOVO, Nissan, Nemak,  Nemak, Nemaska Lithium, Novelis, NXP Semiconductors, Orion BMS, Ola Electric, Panasonic, PCM Products, PCBonline, Pacific Engineering Corporation (PEC), Preh, Piedmont, PowerCo, Posco, Renault, Recodeal,  Rimac, Rogers Corporation, Redwood Materials,  Storm Power Components, Svolt, Stellantis, SAIC, Saint-Gobain, Samsung SDI, SK ON, SNAM, Sherritt, SEC Carbon Ltd., Stäubli, Startec Energy, Sensata Lithium Balance, Saft, Statevolt, Sensata, Schneider Electric, Sunwoda, Sgi Carbon, Terrafame, Texas Instruments, TRB Lightweight Structures, Thyssenkrupp, Tesla, TE Connectivity, TATA Motors, TATA Autocomp Systems, Total Energies, Toshiba, Teijin, Umicore,  Vale, Verkor, Volkswagen, Visteon, Vitesco, Volvo, XING Mobility, Xiomi, Yinlun, Yazaki, and more...